Section 263 could be invoked if proper investigation not made

Brief of the Case ITAT Mumbai has in the case of  M/s Shoreline Hotels Pvt. Ltd. v CIT held that CIT  was justified in invocation of Section 263 when AO has not made any inquiry with regard to the expenses claimed in respect of accommodation bill obtained by assessee that reduced profit of assessee by 100% instead of 15% considered by AO. Facts of the Case The brief facts of the case are that the assessee made purchases from the entities which had blacklisted by the Sates Tax Department of Maharashtra. It was also brought to the notice of the Assessee that the dealers with whom the Assessee ...